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Smart video for smart devices

Periodic Reporting for period 2 - EDIFLO PRO (Smart video for smart devices)

Reporting period: 2018-04-01 to 2019-03-31

The objective of the EDIFLO PRO project is to revolutionise mobile video experiences for the World’s leading brands and media companies by making interactive videos simple. Axonista’s award-winning Ediflo is the complete platform for creating, managing and distributing a new generation of video-based interactive digital experiences. Ediflo contains all the necessary tools for developing interactive video apps for smart devices running on all major platforms. Building the apps is made simple and fast, with very little friction in setting up an interactive video service.
The funding for the EDIFLO PRO project is facilitating the build of a new product called Ediflo Pro – based on the validated Ediflo technology – which will enable customers to launch new video apps in a matter of hours. Furthermore, Axonista is building tools that enable broadcasters to make fact-based decisions about their programmes. The EDIFLO PRO project supports the implementation of a new product sales business model which is enabling global scale-up of Axonista activities.
The new product is poised to enable worldwide rapid uptake of interactive video, disrupting the TV markets just like colour TV did once. It will enable Axonista to reach €30 million ARR by 2021.
The EDIFLO PRO project has been completed by Axonista. It consisted of 17 deliverables, across 6 work packages, as outlined below. During this time, our team of 17 has grown to 28. At the time of project completion, Axonista has successfully brought the Ediflo Pro product to market, and it is being sold via a new SaaS business model. To support this new product model, we invested in training, and received coaching on sales, IP and management. Most notably we have designed, built, and tested the Ediflo Pro product, which now enables customers to launch new video apps in a matter of hours, as we set out to do. We have completed 4 successful innovative commercial pilots, with a number of new customers, including some of the world’s leading brands and media companies. As a result of the project, we are very well positioned for global scale-up of our business over the coming years. The project has helped us develop a sales pipeline for our product through engaging our target customers, both online and at conferences in the US and Europe. We have also developed a product sales process, and customer success function, as well as supporting marketing and sales materials. We have refined our customer personas, and developed materials for these personas. As a result of the coaching, we have implemented a robust innovation and IP management process in our company. We believe the project has been a resounding success and actively encourage other startups to consider EIC funding to scale their businesses. We now look forward to bringing further iterations of the product to market, expanding our team, and customer-base globally.
At the start of the project it used to take months to develop custom video apps for customers, which were very expensive and one-off projects for large broadcaster customers. Now we are able to build and launch video apps to a range of platforms in a matter of hours. This has greatly widened the types of customers we can reach. Customers are able to subscribe to our product and get up and running right away. We used to rely on direct founder-led sales, but now we have a product that our team can sell. Customers now benefit from new product feature updates, at the same time, which makes our product. All of this enables Axonista to innovate at a faster pace, and service more customers, which enables our business to scale, and allows us to spend more time innovating for the future market, which is our competitive advantage.
In addition, we have seen our product bring wide societal impacts, such as the Irish Film Institute (IFI) who have used Ediflo Pro to make video content from their archives available on mobile and interactive devices to the general public, globally, for the first time. This is being used in schools as an educational resource, and has gained the IFI and Axonista awards and recognition. We have also recently announced a new customer Waterbear, who is building the world’s first interactive video platform that focuses on saving the planet. In our sales pipeline, we are seeing a lot of activity around niche global communities connecting through new interactive video content.